Campbell recently began running his brother's lumber mill. Last month he took in $10,000 in sales revenue and paid $6,800 in out-of-pocket costs. He made an economic profit last month if his implicit costs were:

Which of the following was a free market philosopher?

a) Karl Marx b) Adam Smith c) Vladimir Lenin d) Friedrich Engels

Economists favor a negative income tax because they believe

a. that it will create more jobs for economists to monitor the program. b. the current welfare programs have excessively high work incentives, which result in less total work. c. it is more efficient than the existing welfare system because NIT provides better work incentives. d. All of the above are true.